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Auditor Report of Shukra Bullions Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of SHUKRA BULLIONS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT RESPONSIBILITY FOR FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date subject to following comment;

"In view of no commercial operation in its SEZ unit at Surat the company has not provided for depreciation amounting to Rs. 2,65,006/- during the year." And,

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013 subject to the qualification made in our report above and point no. 1.5, 1.10 and 1.11 of Accounting Policies and Notes of Accounts forming part of audited accounts;

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of Our Report of even date to the members of SHUKRA BULLIONS LIMITED on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has taken loans from the parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was of Rs. 22,12,296/- and year end balance of such loan amounted to Rs. 10,02,296/-. Other than above company has not taken any loans, secured or unsecured, from companies, firms or parties covered in the register maintained under Section 301 of the Act.

(c) The said loan is interest free loan and based on the information and explanation given to us, the terms and conditions of loan taken from such body corporate covered in the register maintained under section 301 of the Act is not prima facie prejudicial to the interest of the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods.

During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) In our opinion and explanation given to us, the transactions exceeding the value of 5 lakh in respect of any party during the year have been made at prices which are prima-facie reasonable having regard to prevailing market prices at the relevant time where such prices are available.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. To the best of our knowledge the Central Government has not prescribed the maintenance of cost records U/s 209(1) (d) of the company act, 1956 for any of the products of the company.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not dealing in or trading in Shares, Mutual funds & other Investments. Accordingly, the provisions of clause (XIV) of the paragraph 4 of the order are not applicable.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For, S. K. Jha & Co. Chartered Accountants FRN: 126173W

Satyendra K Jha Place: Ahmedabad (Partner) Date: 19th May, 2014 Membership No.: 100106


Mar 31, 2012

We have audited the attached Balance Sheet of SHUKRA BULLIONS LIMITED as at 31st March, 2012, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper books of account, as required by the law, have been kept by the company, so far as appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act 1956

e) In our opinion, and based on information and explanation given to us, none of the Directors are disqualified as on 31st March, 2012 from being appointed as Directors in term of section 274( 1 )(g) of The Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant Accounting Policies and other notes thereon give die information required by the Companies Act, 1956, in the manner so required, and present a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In so far as it is relates to Balance Sheet, of die state of affairs of the company as at 31st March, 2012;

(ii) In so far as it relates to the Profit & Loss Account, the profit of the company for the year ended on that date subject to die following comment.

"The company has not provided for provision for depreciation amounting to RS. 386586/- on the assets ofSEZ Unit and Daman Unit against the accounting policy regularly followed by the company."

(iii) In so far as it relates to the cash flow statement, of the cash flow of the company for the year ended on that date.

For S K Jha & Co. (Chartered Accountants) FRN: 126173W

Satyendra K Jha Place: Mumbai (Partner)

Date: 28th May, 2012 Membership No. 100106

ANNEXURE REFERRED IN PARAGRAPH 2 OF THE AUDITOR'S REPORT ON THE ACCOUNTS OF M/S. SHUKRA BULLIONS LIMITED FOR THE YEAR ENDING 2012

As required by the Companies (Auditor's report) Order, 2003 issued by the central Government of India in terms of section 227(4-A) of the Companies Act, 1956, we report that:

1 In respect of fixed assets:

(A) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.

(B) As explained to us, all the fixed assets have been physically verified by the management during the year at reasonable intervals, which in our opinion, is reasonable having regard to the size of the company and the nature of assets. No material discrepancies were noticed on such physical verification.

(C) In our opinion the Company has not disposed off any substantial/major part of fixed assets during the year and the going concern status of the company is not affected.

2 In respect of its inventories:

(A) As explained to us, the inventory has been physically verified by the management at regular intervals during the year.

(B) In our opinion and according to the information and explanations given to us, the procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to size of the company and nature of its business.

(C) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company has maintained proper records of inventory. And there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3 In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956:

(A) The company has not granted any secured or unsecured loan, to parties covered under register maintained under section 301 of the Act. Hence the provisions of clause (III) (b), (c), (d) of paragraph 4 of the order are not applicable.

(B) During the year, the company has accepted unsecured short term loans amounting to Rs. 10,00,000/- from one party covered under section 301 of the Act. The loan is interest free. Based on the information and explanation given to us, the terms and conditions of loans taken from such parties covered in the register maintained under section 301 of the Act are not prima facie prejudicial to the interest of the company.

4 In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory and fixed assets and with regard for the sale of goods and services. During the course of audit, no major weakness has been noticed in the internal control.

5 In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956.

(A) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, which needed to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(B) In our opinion and explanation given to us, the transactions exceeding the value of 5 lakh in respect of any party during the year have been made at prices which are prima-facie reasonable having regard to prevailing market prices at the relevant time where such prices are available.

6 In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of Clause (XI) of paragraph 4 of the order are not applicable to the company,

7 In our opinion, the company has internal audit system commensurate with its size and nature of its business.

8 To the best of our knowledge the Central Government has not prescribed the maintenance of cost records U/s 209(1) (d) of the company act, 1956 for any of the products of the company.

9 In respect of statutory dues:

(A) According to the information and explanations given to us, the company was generally regular in depositing undisputed statutory dues including Employees Provident Fund, Employees State Insurance Fund, Income Tax, Sales Tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authority during the year.

(B) According to the records examined by us and the information and explanations given to us, there are no disputed amounts due in respect of income tax, wealth tax, sales tax, service tax, excise duty, Employees provident fund, Employee state insurance fund and other statutory dues at the end of the year.

10 In our opinion, Company has not incurred cash losses during the financial year covered by audit.

11 Based on our audit procedures and on the basis of information and explanations given by the management, in our opinion, the provisions of clause (XI) of the paragraph 4 of the order are not applicable to the Company.

12 In our opinion and according to information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other security.

13 In our opinion the company is not a Chit Fund, Nidhi or Mutual Benefit Fund/Society. Therefore, the provisions of clause (XIII) of the paragraph 4 of the order are not applicable to the company.

14 The company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (XIV) of the paragraph 4 of the order are not applicable.

15 As per information and explanation given to us, the company has not given any guarantees for loans taken by other from banks and financial institutions.

16 In our opinion and according to information and explanation given to us, the Company has not availed of any term loans during the year. There were no term loans outstanding as at the beginning and as at end of the year.

17 According to the information and explanations given to us and on examination of balance sheet, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

18 The company has not made any preferential allotment to parties and companies covered under register maintained under Section 301 of the Companies Act, 1956, during the year.

19 The Clause (XIX) of the paragraph 4 of the order is not applicable, as the company has not issued any debentures during the year.

20 The Company has not raised money by any public issues during the year and hence the question of disclosure and verification of end use of such money does not arise.

21 In our opinion and according to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For, S. K. Jha & Co. (Chartered Accountants) FRN: 126173W

Satyendra K. Jha

Place:- Mumbai (Partner)

Date: - 28th-May-2012 M. No.: 100106


Mar 31, 2010

We have audited the attached Balance Sheet of Shukra Bullions Limited for the year ended as at 31 st March 2010, and also the Profit and Loss Account for the year ended on that date annexed thereto and report that these financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

iii. The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of accounts;

iv. In our opinion, the Balance Sheet, Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v. On the basis of written representations received from the Directors, as on 31 st March 2010 and taken on record by the Board of Directors, We report that none of the directors is disqualified as on 31 st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts gives the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2010;

b. in the case of the Profit and Loss Account, of the profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF SHUKRA BULLIONS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2010.

On the basis of the information and explanations furnished to us, the books and records examined by us in the normal course of audit and to the best of our knowledge and belief in our opinion, we further report that:

1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The Fixed assets of the company have been physically verified by the management during the period and no significant discrepancies were reported on such verification.None of the fixed asstes sold by the company which affects the going concern.

2. None of the fixed assets of the company has been revalued during the year.

3. The stocks of finished goods and raw materials have been physically verified by the management at the reasonable intervals.

4. The procedure for physical verification of stock followed by the management at the reasonable and adequate in relation to the size of the company and nature of its business.

5. There were no discrepancies noticed on verification of stock as compared to book records as explained to us.

6. In our opinion the valuation of stocks has been fair and proper in accordance with normally accepted principles.

7. The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956 or form the companies under same management as defined under section 370 (IB) of the companies act 1956.The rate of interest and other terms and conditions of such loans are not prime facie prejudicial to the interest of the company.

8. The company has not granted any loans to companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 or form the companies under same management as defined u/s 370(1B) of the companies Act 1956.However in our opinion the terms and conditions on which the loan have been given, are not prima facie prejudicial to the interest of the company.

9. The company has not given any loans or advances to any employee or other parties . However in our opinion the terms and conditions on which the loans have been given are not prima facie prejudicial to the interest of the company.

10. As per information given to us there is an adequate internal control procedure commensurate with the size of the companies the nature of its business for the purchase of stores, raw materials ,plant and machineries, equipment and other asset and sale of goods.

11. As per information and explanation given to us the company has not entered into any transaction in respect of purchase of goods and material and sale of goods and the prices on which the transactions are entered are at a fair price prevailing in the market and are not prejudicial for company and company has not entered into any transaction in respect of services rendered in pursuance of arrangements with companies of firms entered in the register maintained u/s 301 of the companies Act, 1956 aggregating during the year to Rs. 50000/- or more in respect of each party.

12. The company has no unserviceable or damaged stores, raw materials and finished goods.

13. The company has not accepted any deposit from public during the year.

14. In our opinion 4(viii) internal audit is recommended.

15. In our opinion 4(x)-losses & net worth is not applicable,4(xi)-default for financial institution,4(xii)-loan granted by way of pledge of shares and securities,4(xiii)- chit fund- 4(xiv)-deaiing in shares,4(xv)-guarantee for loan,4(xvi)-term loan uti!ization,4(xvii)- short term fund used for long term,4(xviii)-preferential allotment,4(xix)-charge for debenture,4(xx)-end use of public fund,4(xxi)-any fraud are not applicable to the company

16. In our opinion the company has an adequate internal audit system commensurate With size of the company and the nature of its business.

17. The central government has not prescribed maintenance of cost records under section 209-1-dofthe companies act, 1956.

18. As per the opinion of the company management there is no liability of employees providend Fund and E.S.I.S.

19. According to the information and explanation given to us and records of the company examined by us, there are no undisputed amounts, payable in respect of Income tax, custom duty sales tax, profession tax and excise duty outstanding as At 31 st march 2010 for a period of more than six months from time the date they become payable.

20. On the basis of records of the company and as per information and explanation given to us no personal expenses of employees and directors have been charged to revenue accounts other than those payable under contractual obligation or in accordance with generally accepted business practices.

21. The company is not sick Industrial company within the meaning if clauses (o) of sub section 3 of the sick Industrial (special provisions) Act, 1985.

22. In case of trading activates, we are informed that the company does not have damaged goods lying with it at the end of the year.

FOR A.D.LALWANI & ASSOCIATES

CHARTERED ACCOUNTANTS

AVINASH LALWANI

PARTNER

PLACE :MUMBAI DATE : 06.08.2010

 
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